On CHVs alerts/threats, few Retirees working to counter the comments of CHV and brought out the figures of Pension Fund as follows :
Courtesy Mr Niladri Sen sir Ex DGM BOB
The outflow is RS.11123 crores. The position during the year 2017-18 is cash inflow is Rs.18700 crores and cash outflow is Rs. 13070 crores for pension. Therefore there is adequate gap to take up pension updation. Only decision is to taken as how much points to be merged with basic pension like wage settlements. It's a difficult task but need to be done. 👍
The current fund position, even at Marked to Market value at discounted rate is enough to consider a decent upward revision in pension !!!
What we require is bargaining skill and organisational unity & will among the unions to fight for it !!!
Forwarded as received on WA from a group of retired bankers who are working to challenge the subterfuge and break the unholy nexus between the IBA and CHV. They are planning to approach SC , it may take some more time.🙏
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As per the table for the pension fund actual balance as on March 2016 was Rs.207080 Crores and as on March 2017 it was Rs.234531.But as per audited balance sheet of banks discounted values of pension fund is Rs.146080 crores as on March 2016 and Rs. 164647 Crores as on March 2017. The audited balance sheet is silent about the discounting rate applied and normal survival age of pensioners. Banks have thus taken advantage of AS 15 norms. If you consider the annual cash flow in pension fund the story is little different. The cash inflow by interest on funds and bank's contribution as on March 2017 was Rs.19600 and funds outflow by pension
The outflow is RS.11123 crores. The position during the year 2017-18 is cash inflow is Rs.18700 crores and cash outflow is Rs. 13070 crores for pension. Therefore there is adequate gap to take up pension updation. Only decision is to taken as how much points to be merged with basic pension like wage settlements. It's a difficult task but need to be done. 👍
The current fund position, even at Marked to Market value at discounted rate is enough to consider a decent upward revision in pension !!!
What we require is bargaining skill and organisational unity & will among the unions to fight for it !!!
Forwarded as received on WA from a group of retired bankers who are working to challenge the subterfuge and break the unholy nexus between the IBA and CHV. They are planning to approach SC , it may take some more time.🙏
Now, the stuff is in the plate for you to dissect./through away to dust bin.
= VBV Ramesh
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